GARRY LAKE URANIUM PROPERTY

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The Garry Lake property consists of a continuous block of 245 mining claims covering 551,850 acres along the northern margin of the Thelon Basin as well as extending southward into the Basin (Figure 1). The property is located in the Garry Lake area, northern Thelon Basin, approximately 245 kilometers NW of Baker Lake, Nunavut. This newly acquired land package is owned 100% by Uravan and compliments Uravan's highly prospective Boomerang Lake uranium land holdings in the southwestern Thelon Basin.

2007 Exploration Program

Uravan has contracted two airborne geophysical surveys to be conducted over the Garry Lake uranium property in 2007. In May 2007 Aeroquest Limited ("Aeroquest") will conduct 7,325 line-kilometers of helicopter borne high-resolution electromagnetic (EM) survey using Aeroquest's proprietary Aerotem III system plus high-resolution magnetometer geophysical survey. In June 2007, Terraquest Ltd ("Terraquest") will conduct an 8,129 line-kilometer fixed-wing Radiometric and Horizontal Gradiometer survey. Both geophysical surveys will be flown on 400 meter line spacing and conducted over the entire Garry Lake uranium property.

These multi-phased geophysical surveys will be used to identify basement structures which will aid in defining structural corridors and provide data for interpreting radiometric anomalies, basement geology and other alteration features that may occur in the overlying Thelon sandstone or coincident with significant basement conductors. The interpretation of these airborne surveys will be integrated with an area-wide geochemical compilation that has captured data bases of uranium in lake sediment and water surveys. These surveys were completed in the 1980's by previous operators exploring in the northern and northeastern Thelon Basin.

The interpretation and integration of the geophysical surveys and geochemical data base will provide Uravan's technical team with the information to identify significant coincident anomalies and select drill targets that appear favourable for sandstone and basement-hosted unconformity-related high-grade uranium mineralization.  Following this interpretation stage, diamond drilling could occur as early as late fall 2007 or late winter 2008. This drill program will represent the first exploration on this prospective property since its discovery in the 1980s.